But there is a fairly important change that is going to be defended to you here. Residents who had tax paidg deducted from their wages often withheld more PAYG than their final tax debt. This is due to the fact that PAYG withholding rates generally do not take into account the negative gearing loss of a property. A claim can be made to reduce the PAYG withholding, but many people do not apply because they consider it a forced savings and benefit from the refund when they file their tax return. However, an excess of foreign withholding credits over the final tax debt is not recoverable. Let`s say Australia won`t refund you the money you paid to the Thai Treasury. In some cases, this doesn`t matter, given that the generally lower tax rate in Thailand means you still have a tax debt in Australia, even if negative gearing losses are taken into account. It all depends on your situation. The higher your salary, the more likely it is that you will still have to pay taxes and the greater the tax benefit of losses. High tax rates in Australia are higher than in Thailand. And definitely higher than if you are somewhere like Hong Kong or Singapore. Be very careful when you are in Hong Kong. Australia does not have a double taxation agreement with Hong Kong, which means there is no tie-breaker test to help in situations where Australia and Hong Kong consider you tax residents of their country.
The mechanisms for preparing a tax return, if you remain a resident, are the same as you did in all the years before you left. There will be some technical problems. Income generated overseas must be converted into Australian dollars. In this respect, there are certain concessions which allow average rates to be used to facilitate (but not necessarily more advantageously) a taxable person. However, if you are not a tax resident in Australia, you will only be taxed on income from sources in Australia. This means you don`t have to show the foreign income you receive on your Australian tax return. However, if you leave your current job, your Provident Fund affiliation with that company will end. As a result, you may not be being eligible to recover the full amount of contributions made by your employer.
Since you can`t know in advance what will happen to your old home if you still own it, you should get some notices. Not from the bank. By registered experts. A serious real estate agent at least. The reason for this is that any capital gain on your principal residence, which may be taxable, is calculated with a fee corresponding to the market value of the property at the time it is no longer your principal residence. . . .